BMI View: Our outlook for the port of Singapore for 201 4 is that it will not overtake the port of Shanghai for the crown of the world's largest container port. We now see such a scenario as unlikely to fall out, and we believe that Shanghai will increase its lead over Singapore, not only this year but over our medium-term forecast period to 201 8 .
Nevertheless, growth in Singapore will remain positive, buoyed by a return to growth (albeit tentative and uneven) in Europe, and the ongoing recovery in the US.
Headline Industry Data
Port of Singapore's gross tonnage will grow by 7.2% in 2014 and will expand an average 5.4% over our medium-term forecast period to 2018.
Port of Singapore box handling set to grow by 4.5% in 2014, with average annual growth set at 3.9% per annum over the medium term.
The country's overall trade will grow by 3.2% in real terms in 2014 and will average 4.1% to 2018.
Key Industry Trends
Port's Throughput Up 4.1% In June: The port of Singapore registered a 4.1% year-on-year (y-o-y) rise to 2.84mn twenty-foot equivalent units (TEUs) in June, according to preliminary figures released by the Maritime and Port Authority of Singapore (MPA). On a month-on-month basis, the port's volume fell by 3.6% from 2.94mn recorded in May.
Hapag-Lloyd Unveils TSX Service: Germany-based shipping services provider Hapag-Lloyd has unveiled a new feeder service dubbed the Thailand Singapore Express (TSX) between Thailand and Singapore, according to a company press release. The new service will call at Laem Chabang, Singapore and back to Laem Chabang. This will help to support continued throughput growth at the port of Singapore.
Thoresen Shipping Acquires Dry Bulk Vessel: Thoresen Thai Agencies' wholly owned subsidiary Thoresen Shipping Singapore has boosted its fleet with the addition of a second-hand Supramax bulker. The company paid USD21.95mn to acquire the dry bulk vessel Thor Monadic which has a capacity of 56,026 deadweight tonnes.